General Growth Properties Inc. reported today that funds from operations rose in the fourth quarter despite lower occupancy rates.

General Growth, which owns Jordan Creek Town Center in West Des Moines, has faced possible bankruptcy as it tries to refinance billions of dollars in debt. The company said funds from operations were $222.2 million, or 70 cents per share, compared with $190.4 million, or 64 cents per share, in the fourth quarter of 2007. Earnings per share were zero for the quarter, compared with 24 cents in the year-earlier period.

Meanwhile, retail center occupancy fell to 92.5 percent at the end of 2008, compared with 93.8 percent at the end of 2007. Net operating income (operating revenues less property and related expenses) was down 2.4 percent to $701.8 million for fourth quarter 2008.

The company reiterated that refinancing its debt remains its primary focus. It has about $1.179 billion of debt past due and another $4.09 billion that could be accelerated, though no lenders have taken any action yet. It has $1.44 billion of consolidated mortgage debt and about $595 million of unsecured bonds due this year as well. The Chicago-based company said without being able to extend or refinance these loans, it might have to file for bankruptcy protection.

In a report from Real Capital Analytics last week, General Growth was ranked as the No. 1 distressed real estate service company in the world.

Because of its situation, General Growth would not provide a core funds from operations forecast for 2009.

The company has already suspended its cash dividend, halted or slowed nearly all of its development and redevelopment projects, cut its work force by more than 20 percent and sold some assets.

General Growth owns or manages more than 200 regional shopping malls in 44 states as well as master-planned community developments and commercial office buildings.